BREAKDOWN: Central Banks Cannot Print Jobs: Understanding Real Economic Recovery, Feat. Daniel Lacalle
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 7 July 2020
⏱️ 65 minutes
🧾️ Download transcript
Summary
Today on the Brief:
- Social media apps get caught in geopolitical tensions
- Pitchforks around the Paycheck Protection Program
- Brazil blocks Binance
This episode is sponsored by Bitstamp and Crypto.com.
Our main discussion is with Daniel Lacalle. Daniel is chief economist at Tressis and is the author of numerous books including “Life in the Financial Markets,” “Escape from the Central Bank Trap” and his most recent, “Freedom or Equality.” He has been named one of the 100 most influential economists in the world by Richtopia.
In this conversation, he and NLW discuss:
- Why the recovery will likely be “L” shaped and uneven, not “V” shaped
- Why the “bailout of everything” undermines capitalism and promotes zombie companies that can’t service their debts
- Why zombie companies crowd out space for startups and small businesses
- How government programs can incentivize relationships with government over strong business practices
- How the current economic crisis could become a banking crisis
Find our guest online:
Website: dlacalle.com
Twitter: @dlacalle_IA
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:00.0 | Because money creation is never neutral. The interventionists, modern monetary theory defenders, |
| 0:07.7 | etc., try to tell us that there is a way of making money creation neutral. But it is not neutral. |
| 0:15.7 | It is always going to massively benefit the first recipients of money, which are always government and the |
| 0:22.5 | sectors close to government, and it's going to disproportionately negatively impact |
| 0:28.2 | the last recipients of that money, that is, real wages and the savings of the middle class. |
| 0:37.3 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 0:46.0 | This episode is sponsored by BitStamp and Crypto.com. |
| 0:50.6 | The breakdown is produced and distributed by CoinDes. |
| 0:55.1 | And now, here's your host, NLW. |
| 1:01.2 | Welcome back to the Breakdown. |
| 1:03.7 | It is Tuesday, July 7th, and today we have such an awesome conversation with Daniel LaCalle. |
| 1:10.4 | Many of you will know him from Twitter. |
| 1:12.2 | He is an investor, a fund manager, an economist, a prolific writer. So I'm really excited to share |
| 1:17.5 | that conversation about central banks and monetary policy with you. But before that, we are |
| 1:23.7 | going to do the brief. Yes, we are back to our regularly scheduled briefs. And before |
| 1:29.1 | the brief, I just want to quickly say thank you guys to everyone who listened yesterday and |
| 1:32.8 | added a rating on iTunes or in whatever store. It looked like a couple of you came in. I would |
| 1:37.8 | love and appreciate if any of you who haven't had a chance yet to rate and review the podcast, |
| 1:43.0 | it makes such a big difference to |
| 1:44.8 | new people discovering it. And I won't show this every day. I just wanted to kind of do a catch-up |
| 1:49.5 | because I never show for these reviews and ratings, but they do really help. Anyways, guys, |
| 1:53.7 | thank you to all of those who have already, and thanks to all of you for listening. With that, |
... |
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